The light sculpture will be suspended 30ft in the air encircling Oxford Circus.

The plan also highlights a number of buildings which could be redeveloped at the eastern end of Oxford Street.

The Orb plan also suggests the creating of a "series of oases off Oxford and Regent Streets for al fresco dining, and enlarged pedestrianised areas for public art and performances".

Bold, imaginative plan

Sir Simon Milton, the leader of Westminster Council, said: "This is a bold, imaginative plan which will help ensure the West End remains the country's premier shopping, dining and entertainment destination."

There are more than 100 individual action points in the draft plan, which include:

Creating an iconic light sculpture over Oxford Circus which will change colour throughout the year

Broadening the pavements on Regent Street and creating a central reservation